Redundancies and base closures are always a worrying sign. It seems the long-haul side is a shambles. I've been shocked at the number of people I've met who have been passengers with GSM and the enormous list of problems they have vented.
Thank god for the original, core business from GLA and EDI or things really would be in trouble.
I think predicting GSM's demise is a bit premature and unrealistic. They seem to have some problems and hopefully this is them rationalising the business to sort it out.
However, losing ETOPS approval is a bit of a slap in the face and extremely embarrasing.